Mumbai Metro 3 plan gets boost after Japan signs Rs 4,553 cr loan

In a significant development for Mumbai’s first underground metro project, the Centre and the Japan International Cooperation Agency (JICA) signed an agreement on Tuesday, which will give Mumbai Metropolitan Region Development Authority (MMRDA) a sum of Rs4,553 crore (71,000 million Yen) as the first instalment of a loan for the Metro 3 project.

The Japan International Cooperation Agency (JICA) is an independent governmental agency that aims to assist in the economic and social growth of developing countries.

The 33.5 km fully underground metro corridor, from Colaba to SEEPZ via Bandra, is scheduled to start in 2020.